Monday Apr 22, 11:30AM EDT

Market Commentary

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GRAINS

May corn was lower overnight. The low-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes this year's decline, psychological support crossing at 3.50 is the next likely downside target. Closes above the 20-day moving average crossing at 3.63 1/2 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.63 1/2. Second resistance is the 50-day moving average crossing at 3.70 1/2. First support is April's low crossing at 3.55 1/4. Second support is psychological support crossing at 3.50.

May wheat was lower overnight as it extends this month's decline. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, March's low crossing at 4.27 is the next downside target. Closes above the 50-day moving average crossing at 4.67 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.60 1/2. Second resistance is the 50-day moving average crossing at 4.67 3/4. First support is the overnight low crossing at 4.39. Second support is March's low crossing at 4.27.

May Kansas City Wheat closed down a 1/2-cent at 4.20.

May Kansas City wheat closed fractionally lower on Thursday. The mid-range close sets the stage for a steady opening when Monday night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off December's high, weekly support crossing at 4.04 is the next downside target. Closes above the 20-day moving average crossing at 4.31 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.31 3/4. Second resistance is the 50-day moving average crossing at 4.45 1/4. First support is last-Tuesday's low crossing at 4.14 1/4. Second support is weekly support crossing at 4.04.

May Minneapolis wheat was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off March's high, weekly support crossing at 5.15 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.38 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.38 3/4. Second resistance is the 50-day moving average crossing at 5.51 1/4. First support is the overnight low crossing at 5.20. Second support is weekly support crossing at 5.15 1/4.

SOYBEAN COMPLEX? 

May soybeans were lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off February's high, the 87% retracement level of the September-December 2018 rally crossing at 8.65 3/4 is the next downside target. Closes above the 20-day moving average crossing at 8.94 1/4 would temper the bearish outlook. First resistance is the 20-day moving average crossing at 8.94 1/4. Second resistance is the 50-day moving average crossing at 9.05. First support is the 75% retracement level of the September-December 2018 rally crossing at 8.78. Second support is the 87% retracement level of the September-December 2018 rally crossing at 8.65 3/4.

May soybean meal was slightly higher overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off March's high, March's low crossing at 300.30 is the next downside target. Closes above the 20-day moving average crossing at 308.20 would temper the near-term bearish outlook. First resistance is April's high crossing at 312.30. Second resistance is March's high crossing at 316.50. First support is the last-Friday's low crossing at 303.00. Second support is March's low crossing at 300.30.

May soybean oil was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off February's high, the 87% retracement level of the November-February-rally crossing at 28.17 is the next downside target. Closes above the 10-day moving average crossing at 28.83 would temper the near-term bearish outlook. First resistance is April's high crossing at 29.40. Second resistance is the 50-day moving average crossing at 29.54. First support is March's low crossing at 28.34. Second support is the 87% retracement level of the November-February-rally crossing at 28.17.